The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went up by 0.19% on Thursday.
Australian Dollar ($A) (AUDUSD): 68.19US cents
Dow Jones (DJI): down 0.11%
Oil (WTI): $US56.07 per barrel
Gold: $US1,503 per ounce
ASX Sharemarket News
In ASX sharemarket news, Synlait (ASX: SM1) has announced this morning that it is going to purchase Dairyworks for $112 million, subject to Overseas Investment Office approval. The acquisition is for around 7.5 times the last 12 months of EBITDA (click here to learn what EBITDA means).
It’s another strategic move towards its ‘Everyday Dairy’ strategy and will work well with its recent acquisition of cheese manufacturer Talbot Forest.
Synlait CEO Leon Clement said: “Opportunities exist in both businesses to streamline supply chains and enhance our competitiveness. It gives us the ability to optimise how we process milk solids and get the most value from our supply of milk.”
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Property developer Finbar Group (ASX: FRI) has announced it has secured a new Perth joint venture development site.
The new site, 24 Adelaide Terrace, Perth, will be a project comprising 115 apartments over 28 levels. Finbar will receive 50% of the project’s profit plus a management fee. The estimated end value is $71 million.
The Finbar CEO said he expects the State Government’s announcement this week that it would offer a 75% stamp duty rebate for off-the-plan apartment buyers would boost sales in the local market and have a positive effect on the economy more broadly.
Construction is expected to start in the second half of 2020.
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Virgin Australia
(ASX: VAH) has announced the successful pricing of a US$425 million issue of unsecured notes. This money will be partly used to acquire the 35% stake of Velocity Frequent Flyer from Affinity Equity Partners.
Virgin Australia also intends to make an offer of Australian dollar denominated notes on the ASX.
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